Logistec’s resilience and agility
(Posted on 12/05/20)
LOGISTEC Corporation has announced its financial results for the first quarter ended March?28,?2020 with Madeleine Paquin, President and Chief Executive Officer, praising the company’s people for their resilience and agility.
“We want to thank all of our people, both on the front lines and those working remotely, for their dedication and resilience in these trying times. Since we rolled out our business continuity plan for our operations that are deemed essential services by the government authorities in Canada and the United States, they have demonstrated resilience and agility to provide reliable services to our customers, our partners, and the communities in which we operate. Our business diversity and our essential services bring us some financial stability, which we believe will position us favourably in the coming months,” indicated Paquin.
During the first quarter of 2020, consolidated revenue totalled $109.4?million, a decrease of $5.3?million or 4.6% over the same period in 2019. Revenue from the marine services segment was lower at $90.3?million compared to $91.1?million in the comparative period.
The adjusted EBITDA for the quarter closed at $7.5?million, an increase of $6.3?million over the comparative period. This increase stemmed mainly from the unrealized exchange gains and lower professional fees incurred in 2020 compared to 2019, to support business integration and to analyze business development opportunities. The increase was partially offset by lower revenue as explained above.
As in previous first quarters, LOGISTEC Company showed a loss in the first quarter. This is due to the high seasonality of its environmental services, as well as marine navigation to the Arctic, and the lack of cargo-handling activities in the Great Lakes, which are closed to navigation during this period. Loss attributable to the owners of the Company for the first quarter amounted to $5.4?million, substantially better than last year’s loss of $8.9?million. The improvement can largely be attributed to a gain in foreign exchange
LOGISTEC Corporation is based in Montréal?(QC) and provides specialized services to the marine community and industrial companies in the areas of bulk, break-bulk and container cargo handling in 34?ports and 59?terminals located in North America. LOGISTEC also offers marine transportation services geared primarily to the Arctic coastal trade as well as marine agency services to foreign shipowners and operators serving the Canadian market. Furthermore, the Company operates in the environmental sector where it provides services to industrial, municipal and other governmental customers for the rehabilitation of underground water mains, soils and materials management, site remediation, risk assessment, and manufacturing of woven hoses.
Latest News
Teesport Offshore Gateway - a multi-million pound investment in the River Tees
(Posted on 29/04/25)One of the UK’s major port groups, PD Ports has announced its ambition to develop one of the UK... Read more
Port of Amsterdam achieves CO? reduction target
(Posted on 28/04/25)Port of Amsterdam has achieved its CO? reduction target. The Port of Amsterdam aimed to reduce its corporate... Read more
NSBT celebrates launch of new third berth in Freetown
(Posted on 22/04/25)Nectar Sierra Leone Bulk Terminal (NSBT) is celebrating the operational launch of a new third berth... Read more
Greenhouse gas emissions in port of Rotterdam down by 8%
(Posted on 17/04/25)Greenhouse gas emissions at companies in the port decreased by 1.7 Mton (8%) in 2024 compared to 2023... Read more
Raw materials delivered to British Steel through Immingham
(Posted on 15/04/25)Following the UK government’s passing of an emergency law to take control of British Steel, vital... Read more
Rotterdam takes important step in making shipping more sustainable
(Posted on 15/04/25)Trammo, OCI and James Fisher Fendercare have successfully conducted an ammonia bunkering pilot between... Read more
Bulgarian port’s first order for new Konecranes Gottwald MHCs
(Posted on 03/04/25)BMF Port Burgas AD (BMF), one of Bulgaria’s largest port operators, has ordered two Generation... Read more
Another year of record revenue and profit for AD Ports
(Posted on 03/04/25)Abu Dhabi based AD Ports Group a leading global enabler of trade, transport, industry, and logistics... Read more
Euroports secures long-term future in Venice with 25-year deal
(Posted on 31/03/25)Euroports has announced the renewal of the concession for Terminal Rinfuse Venezia (TRV) at Porto Marghera... Read more
Panama Canal promotes sustainable maritime shipping with NetZero Slot
(Posted on 27/03/25)Contributing to the commitment of achieving net zero emissions by 2050, the Panama Canal authority has... Read more
